Marston’s the pub chain owner and brewer of Hobgoblin has today rejected a £690m takeover offer from a US private equity giant.
On Friday Marston’s, which runs around 1,400 pubs, said it would evaluate the unsolicited proposal with its advisers.
The US PE firm had offered 105p per share.
Today it said the American approach still “undervalues the company”, having recieved two earlier offers both of which were also rejected.
The brewer said the 105p per share offer was still a 19 per cent discount to the firm’s pre-Covid share price.
Shares in Marston’s popped 22 per cent on Friday following the announcement.
However, despite the rejection of the offer, Marston’s shares today have just jumped 5.7 per cent to 87p. This could be a sign that investors anticipate another, higher offer.
California-based Platinum Equity has assets under management of roughly $23bn, and its portfolio includes Cision and Clipper Windpower.